- Tosca and Kimbal Musk invested in Dequency, a decentralized music licensing platform powered by Algorand.
- The smart contract platform has powered several decentralized projects, offering lower transaction costs compared to Ethereum.
- Proponents believe the launch of new smart contract projects and NFTs on Algorand is a catalyst for ALGO price.
Algorand based Dequency raised funds from investors, including Elon Musk's siblings Tosca and Kimbal. Dequency, a decentralized music platform, has raised $4.5 million in its latest investment round.
Musk siblings are bullish on Algorand based projects
Algorand Dapp Dequency raised some cash from several investors, including two of Elon Musk's siblings. The decentralized music licensing platform, Dequency, recently raised a $4.5 million investment led by Borderless Capital. The VC firm is keen on projects built on the smart contract platform Algorand.
David Garcia, CEO of Borderless Capital, was quoted as saying,
Music was part of the metaverse world even prior to the existence of the Blockchain. We are really excited to join Dequency and support their vision of native on-chain music synchronization licensing, power the entire creator's economy and bring it to the next level.
Dequency is built on the Algorand blockchain, an open-source, public network with Proof of Stake (PoS). Algorand offers quick, efficient and secure transactions on its blockchain.
Steve Kokinos, CEO of Algorand, believes that Algorand powers Dequency's vision of peer-to-peer music licensing marketplace that prioritizes creators. The decentralized music platform is currently in the phase of building its product on the Algorand blockchain.
Proponents believe that Dequency is the decentralized licensing equivalent of Bitcoin. George Howard, CEO of Dequency, says,
Licensing of music into film, tv or other applications in 2022 is currently akin to booking travel in 1975; inefficient, rife with unnecessary intermediaries/rent-seekers, and closed off to those unable to get through the corporate gatekeepers.
Elon Musk's sibling Kimbal has previously dabbled in blockchain and cryptocurrency, announcing a DAO-based charity in November 2021. Proponents believe the investment news is a bullish catalyst for Algorand price. The smart contract platform's token started an uptrend on February 16, 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.